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27.01.2023 07:43 PM
Ripple: upside scenario intact

Ripple retreated a little in the short term but the bias remains bullish in the short term. It's trading at 0.4084 at the time of writing and it seems determined to approach and reach new highs. BTC/USD upside continuation should help the altcoin to jump higher.

XRP/USD is up by 2.85% in the last 7 days and by 0.41% in the last hour. Technically, the current retreat could bring new long opportunities. The rate could test and retest the support levels before developing a new upwards movement.

XRP/USD Up Channel!

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As you can see on the H4 chart, the rate increased within the channel's body, so as long as it stays above the uptrend line, it could extend its growth. 0.3974 stands as static support.

The weekly R1 (0.4220) and the warning line (wl1) are seen as near-term upside obstacles. The upside scenario could be invalidated if the rate makes a valid breakdown below the uptrend line.

XRP/USD Forecast!

A valid breakout above the R1 (0.4220) and through the warning line (wl1) activates further growth towards the R2 (0.4440).

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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